On Monday, the agency questioned three suspected associates of Karti—S Bhaskaraman, Ravi Vishwanathan and Mohanan Rakesh— in Delhi and one CBN Reddy in Chennai in connection with the case.
The Central Bureau of Investigation (CBI) grilled Karti Chidambaram for eight hours on Monday for allegedly taking money from INX media, previously owned by businessman Peter Mukerjea and his wife, Indrani, with respect to influence public servants in a probe into foreign investments of the company from three Mauritius-based entities. This is the second time Karti, son of former Union minister P Chidambaram, was questioned. On August 23 also, Karti was quizzed for eight hours.
On Monday, the agency questioned three suspected associates of Karti—S Bhaskaraman, Ravi Vishwanathan and Mohanan Rakesh— in Delhi and one CBN Reddy in Chennai in connection with the case. The four suspected accused —CBN Reddy, S Bhaskaraman, Ravi Viswanathan and Mohanan Rakesh-- are related to Advantage Strategic Consulting Private Limited and Chess Management Services Private Ltd, both which was allegedly owned by Karti.
It is alleged that Karti had received money for using his clout to manipulate a tax probe, violating the Foreign Investment Promotion Board (FIPB) conditions to receive investment from Mauritius.
The pertains to INX Media seeking investment from Mauritius and the investment was allowed by the Foreign Investment Promotion Board with the condition that only Rs 4.62 crore could be received. For the investment in INX News Pvt Ltd, a separate proposal was required.
"The company violated the conditions set by the FIPB and received investment to the tune of 26 percent in the capital which included foreign investment. The company generated more than Rs 305 crore of Foreign Direct Investment in INX Media against the approved inflow of Rs 4.62 crore by issuing shares to foreign investors at a premium of more than Rs 800 per share," the FIR stated.
The violation came to the notice of Income Tax department in 2008 about the FIPB approval grant for Rs 4.6 crore to the INX and a reply was sought from the company. They took help of Chess Management Services Private Ltd owned by Karti. The Chess Management, accordingly, sent a submission to the FIPB. On account of this services rendered by the Chess Management, INX Media paid Rs 10 lakh to Advantage Strategic Pvt. Ltd, owned by close associates of Karti Chidambaram.
In addition to these payments, invoices of Rs 3.05 crore were also raised. Apart from CBI, the Enforcement Directorate has also registered a money laundering case against Karti and others on basis of FIR filed by CBI. Karti had been evading CBI and knocked the court's door but finally was directed to appear before the agency by the Supreme Court.
Earlier the months, the Madras High Court refrained from granting any relief to Karti, who sought to quash the FIR filed by the CBI and its subsequent summoning in the INX Media case. Justice P Velmurugan directed the court registry to return all the papers in the case to the petitioner so as to enable him to approach the Delhi High Court which has superintendence powers in the matter.
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